What does it mean when the have to have a 2nd review of you home appraisal?

Question

We are refinancing our home, the appraisal was done 3 weeks ago & we were told last week the loan was approved & they would be scheduling our closing this upcoming week, today I rec'd an email from the bank that they needed to do a 2nd review on our appraisal & it should be complete by Wed...what exactly does that mean for us? &Why are they doing a 2nd review? Thanks for serious replies.

Answer 1

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Answer 2

A second review is where another appraiser (usually from the bank) reviews the appraisal and the comparisons to make sure that the value from the first appraiser is accurate and not showing an inflated value. I wouldn't worry about it, this has become a common practice with virtually all lenders due to the recent changes in the mortgage industry. If you are getting an FHA loan, there might be a possibility that the appraiser wasn't on the FHA approved list so the bank has to have an FHA approved appraiser verify it.

Hope this helps.